U.S. House Committee Moves Forward with Bitcoin Reserve Legislation
- The House Financial Services Committee approved the American Reserve Modernization Act, H.R. 8957, by a vote of 28 to 21.
- All supporting votes came from Republicans, while all opposing votes were from Democrats.
- The bill proposes establishing a Strategic Bitcoin Reserve and Digital Asset Stockpile within six months.
- Proof-of-reserve reporting will shift from quarterly to annual requirements under this legislation.
- The bill eliminates previous plans for funding through Federal Reserve mechanisms or gold revaluation.
This legislative move aims to consolidate digital assets held by federal agencies under Treasury oversight, ensuring consistent management practices across the board. The bill’s passage marks a significant step in formalizing President Trump’s Strategic Bitcoin Reserve initiative into law.
Despite the removal of ambitious funding strategies, the proposed act maintains its focus on asset management and oversight without burdening taxpayers with new costs or financing methods. (Source)
